In October I purchased a vehicle for 10,000. I put 2500 down, and financed 7500. So far, the car has been paid for, and I am paying interest, so it seems. Good through 6/28/07 my payoff is 4170.72, which would mean they are charging all interest through the life of the contract, despite me wanting to pay it off early. I thought that is WHY people pay their cars off early.
So, I will be paying $11,956.62 for a $7500 loan. Does this make sense? I will never use this company again. I did not know anything about them when I got the vehicle in the first place, but I do know that if they are offered as my finance company, I will leave the building. My trade in value is only $3335, so no one will touch it, and no one will refinance it.
Is there anything I can do about this? At least as far as the extra interest is concerned? I am going to pay it off at the end of August or beginning of September, and I will still be paying for all of 2008's interest!
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